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USD/CAD reaches 6 ½-month high

FXStreet (Córdoba) - USD/CAD extended gains past the 1.1250 area and reached its highest level since March 20 Friday, underpinned by a solid US nonfarm payrolls report followed by firm ISM services data.

USD/CAD has climbed nearly 100 pips after data before finding resistance at the 1.1270 zone. The dollar has lost momentum as investors gear up for the weekend and entered a consolidation phase against the loonie. At time of writing, USD/CAD is trading at the 1.1255, recording a 0.9% gain Friday and on track to post its second weekly rise in a row.

USD/CAD technical outlook

“The weakness in short-term, USD/CAD price action seen earlier this week has fully reversed and the renewed strengthening in the USD through the latter part of the week has surpassed the 1.1222 high seen Wednesday. The market looks set to retest the March peak (1.1277) sooner rather than later”, said the TD Securities team. “We look for support in the low/mid 1.11s near-term now and expect better USD support on dips to the low/mid 1.11s now”.

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